Acquisition Adds National Surety Operations to CopperPoint
General Indemnity Group has been acquired by CopperPoint Insurance Company in a transaction that will add commercial and contract surety capabilities to CopperPoint’s growing specialty insurance platform and establish countrywide operations for the Arizona-based insurer.
The transaction includes GIG subsidiaries United Casualty & Surety Insurance Company, BOSS Bonds, and SuretyBonds.Market. CopperPoint said the acquisition is expected to close before year-end, subject to regulatory approvals and customary closing conditions.
“This is a significant milestone in our organization’s continued growth story,” said Kellen Booher, President & CEO of the CopperPoint family of insurance companies. “We’re proud to welcome GIG’s incredibly talented team, and we are very pleased to add commercial and contract surety capabilities to our growing portfolio of risk management and service offerings. Doing so on a countrywide basis will allow us to meet more of our policyholders’ and long-standing distribution partners’ needs wherever they operate, particularly in our construction business where we have significant expertise and scale. We look forward to partnering with the entire GIG team to build together on their decade-long track record of growth and innovation, fueled by the same kinds of investments in people, partnerships, and platforms that CopperPoint has long prioritized.”
GIG Brings National Surety Footprint and Technology Platforms
Founded in 2015, GIG specializes in commercial and contract surety solutions in all 50 states and Washington D.C. The company said it has facilitated tens of thousands of bonds supporting construction, commercial, and public sector projects nationwide.
The company traces part of its expansion to its 2016 acquisition of United Casualty & Surety Insurance Company.
As Agency Checklists reported in 2016, United Casualty & Surety Insurance Company was a Quincy-based insurer run by the Carrigan family, with its principal lines of business being surety and fidelity bond coverages, primarily specializing in providing surety bonds. At the time, GIG, a subsidiary of Boston Omaha Corporation, entered into an agreement to acquire the Quincy-based surety insurer for $13 million.
The 2016 transaction also highlighted GIG’s stated strategy of combining direct distribution with traditional agency relationships while pursuing acquisitions involving insurers, agencies, and managing general agencies.
“This is a transformative moment for our organization and an exciting next chapter for our team,” said Dave Herman, president of GIG. “Joining CopperPoint allows us to scale our operations, continue to enhance our technology and service offerings, and bring our expertise to a broader customer base, ultimately unlocking a new phase of accelerated growth for our organization.”
Herman said the partnership would combine GIG’s “technology-driven ease-of-doing business approach and specialized surety expertise” with CopperPoint’s agent and broker relationships, resources, and complementary capabilities.
CopperPoint Expands Specialty Insurance Platform
CopperPoint President and CEO Kellen Booher said the acquisition represents another step in the company’s long-term growth strategy.
“We’re proud to welcome GIG’s incredibly talented team, and we are very pleased to add commercial and contract surety capabilities to our growing portfolio of risk management and service offerings,” Booher said. “Doing so on a countrywide basis will allow us to meet more of our policyholders’ and long-standing distribution partners’ needs wherever they operate, particularly in our construction business where we have significant expertise and scale.”
CopperPoint described the transaction as its third acquisition in the last decade. The insurer said the deal adds “top-tier talent and additional product availability” while expanding its national footprint beyond its core 15-state Western operating region.
Boston Office to Remain Regional Hub
CopperPoint was founded in 1925 as the Arizona Workers’ Compensation state fund and became a mutual insurance company in 2013. The company said its headquarters will remain in Phoenix, Arizona.
Following the closing, GIG said it will continue operating from its Boston office, which will serve as a key regional hub within CopperPoint’s national operations.
